Local Sears stores survives latest rounds of closures

The clock appears to be ticking for one of America's venerable retail companies. The company on Friday announced plans to close 80 Sears and Kmart stores. The good news is that the local Sears store at the Country Club Mall in LaVale will remain in business. The same can’t be said for another semi local operation as the Sears store in nearby Altoona will be among those closing its doors. The company said the stores would close by late March. Liquidation of those stores is expected to begin within two weeks. The closures are in addition to the previously announced closings of 40 unprofitable stores that are expected to be completed in February, the company said.

Friday's news comes as Sears, the 125-year-old iconic department store known for its popular Christmas shopping catalog and its equally iconic Kmart chain, could be down to the final hours, CNBC reported.

With more than 68,000 workers between the two brands, Sears Holdings' last chance at survival comes down to a possible $4.6 billion proposal by Chairman Eddie Lampert.

Lampert has a deadline of 4 p.m. Dec. 28 to submit a bid. As of early Friday afternoon, Lampert had not yet submitted a bid.